Eight and a half more months in jail for ex-bank manager
2016-12-14
A former manager of a bank, currently serving an 18-month jail for bribery and fraud, was today (December 14) ordered to serve an additional eight and a half months in jail at the District Court for having defrauded the bank of commissions in a separate trial arising from the same ICAC investigation.
Steve Chow Chun-yin, 32, a former Wealth Management Manager of the Hongkong and Shanghai Banking Corporation Limited (HSBC), earlier pleaded guilty to three counts of conspiracy to defraud, contrary to Common Law, while the prosecution offered no evidence to three similar charges against him.
In sentencing, Judge Gary Lam Kar-yan said the offences committed by Chow constituted a serious breach of trust.
The judge sentenced Chow to 10 months’ imprisonment, of which six weeks would be run concurrently with his current 18-month jail term for bribery and fraud offences received earlier at the District Court.
The court heard that at the material time, Chow, Chau Hang-yu (formerly known as Aixingero Chat-yung) and Li Lee were employed by HSBC as Wealth Management Managers to promote and sell its investment and insurance products to clients. Chau was later promoted to Associate Relationship Manager. They were remunerated by a fixed monthly salary plus sales commission.
In September 2012, Chow proposed to Li to falsely act as the handling sales officer of some insurance applications and unit trust subscription orders, which were actually handled by Chau, who had reached her sales commission ceiling, and submitted the same to HSBC. Li agreed.
On two occasions in September and October 2012, Chow arranged Li to submit one insurance application and two unit trust subscription orders, which were processed and handled by Chau, to HSBC purporting that Li was the handling sales officer of the above and had conducted the sale herself. As a result, HSBC was misled to award a total of $118,400 commissions to Li.
In November 2012, Li gave Chau $55,000 in cash at a coffee shop in the presence of Chow.
Chau, who was also charged by the ICAC for her role in this case, earlier pleaded guilty to two counts of bribery and six of conspiracy to defraud, while the prosecution offered no evidence to six similar charges against her.
She was sentenced to 12 months’ imprisonment at the District Court on October 4 this year. Judge Gary Lam Kar-yan ordered that two weeks of the sentence be run concurrently with her 12-month jail term for defrauding the bank in another case arising from the same ICAC investigation which took place earlier at the District Court.
HSBC had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Louisa Lai, assisted by ICAC officer Berek Fung.
Steve Chow Chun-yin, 32, a former Wealth Management Manager of the Hongkong and Shanghai Banking Corporation Limited (HSBC), earlier pleaded guilty to three counts of conspiracy to defraud, contrary to Common Law, while the prosecution offered no evidence to three similar charges against him.
In sentencing, Judge Gary Lam Kar-yan said the offences committed by Chow constituted a serious breach of trust.
The judge sentenced Chow to 10 months’ imprisonment, of which six weeks would be run concurrently with his current 18-month jail term for bribery and fraud offences received earlier at the District Court.
The court heard that at the material time, Chow, Chau Hang-yu (formerly known as Aixingero Chat-yung) and Li Lee were employed by HSBC as Wealth Management Managers to promote and sell its investment and insurance products to clients. Chau was later promoted to Associate Relationship Manager. They were remunerated by a fixed monthly salary plus sales commission.
In September 2012, Chow proposed to Li to falsely act as the handling sales officer of some insurance applications and unit trust subscription orders, which were actually handled by Chau, who had reached her sales commission ceiling, and submitted the same to HSBC. Li agreed.
On two occasions in September and October 2012, Chow arranged Li to submit one insurance application and two unit trust subscription orders, which were processed and handled by Chau, to HSBC purporting that Li was the handling sales officer of the above and had conducted the sale herself. As a result, HSBC was misled to award a total of $118,400 commissions to Li.
In November 2012, Li gave Chau $55,000 in cash at a coffee shop in the presence of Chow.
Chau, who was also charged by the ICAC for her role in this case, earlier pleaded guilty to two counts of bribery and six of conspiracy to defraud, while the prosecution offered no evidence to six similar charges against her.
She was sentenced to 12 months’ imprisonment at the District Court on October 4 this year. Judge Gary Lam Kar-yan ordered that two weeks of the sentence be run concurrently with her 12-month jail term for defrauding the bank in another case arising from the same ICAC investigation which took place earlier at the District Court.
HSBC had rendered full assistance to the ICAC during its investigation.
The prosecution was today represented by prosecuting counsel Louisa Lai, assisted by ICAC officer Berek Fung.